Solar PV Glass Market Size Worth USD 33.7 Billion By 2025 : Grand View Research, Inc.
The global solar PV glass market size was valued at USD 3.23 billion in 2016. The growing emphasis on the adoption of clean energy sources is likely to be the key driver for the market growth in the coming years.
Clean & renewable energy is an affordable alternative to fossil fuel-based electricity. Its use can help curb the over-dependence on fossil fuels & coal, reduce greenhouse gas emissions & subsequently the air pollution, and diversify power supply. There has been a rising political and social consensus toward adopting clean energy generation methods, thus driving the global market.
The global solar PV glass market is characterized by several key trends that are expected to play an important role in the coming years. Declining solar PV glass prices are presumed to bolster the global market growth over the forecast period. However, cost-intensive R&D initiatives to develop new as well as superior varieties of PV glass are anticipated to raise the prices, thereby hindering market growth in the coming years.
The U.S. market was valued at USD 0.69 billion in 2016. The U.S. government is actively investing in solar energy plants in order to achieve a future with sustainable energy. According to the International Energy Agency (IEA), the U.S. government has a passed multi-year extension of tax credits for renewable energy plants such as concentrating solar power (CSP) and PV glass stations. The government has laid down supportive environmental policies at the state level for the installation and operation of these renewable energy plants and power stations. Such trends have benefitted the market.
Increased funding to explore the potential of solar PV across developing countries suggests that solar energy is anticipated to be the future of energy generation in the coming years. In May 2017, The International Solar Alliance announced the funding of USD 300 billion to promote the usage of sustainable energy in the coming years. Similarly, Softbank has announced a funding of USD 100 billion to support installations across India. The ongoing trend to promote green energy coupled with stringent norms to reduce greenhouse gas emissions is likely to be the key catalyst for market growth over the next eight years.
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